Courier company J&T Global Express Ltd. is seeking Hong Kong stock exchange approval as soon as next week for its initial public offering, according to people familiar with the matter.
(Bloomberg) — Courier company J&T Global Express Ltd. is seeking Hong Kong stock exchange approval as soon as next week for its initial public offering, according to people familiar with the matter.
A listing could happen as early as the end of October if J&T Global manages to win the green light from the city’s bourse, said the people, who asked not to be identified as the information is private. The company is leaning toward raising about $500 million from the share sale, which could value it at about $12 billion, the people said.
No final decision has been made and details could still change, according to the people. A listing hearing with the Hong Kong stock exchange could be delayed, the people said. A representative for J&T Global declined to comment.
J&T Global filed for a Hong Kong IPO in June, listing Morgan Stanley, Bank of America Corp. and China International Capital Corp. as the joint sponsors. The courier plans to issue as many as 375.5 million shares in the city, according to a filing on the China Securities Regulatory Commission last week.
Founded in 2015 in Indonesia, J&T Global operates express delivery services in 13 countries including most of Southeast Asia as well as China, Saudi Arabia, United Arab Emirates, Mexico, Brazil and Egypt, according to its prospectus. The courier has more than 400,000 service staff globally.
In China, J&T Global is known for its aggressive pricing and expansion, challenging rivals like SF Holding Co. and Alibaba Group Holding Ltd.-backed YTO Express Group Co. China accounted for more than half of J&T Global’s revenue in 2022, the Hong Kong filing shows. Its backers include Hillhouse Capital, Boyu Capital, Sequoia Capital China, Temasek Holdings Pte and Tencent Holdings Ltd.
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